The Economic Activity of Oman

A sizeable fraction of the Omani population is settled in the rural areas. Even those who work in the capital or the urban areas have land and permanent properties in the countryside. Nonetheless, those who live in the rural regions are self-contained and at times, even well off, farmers and fisherfolk. Tending livestock is the primary base of agricultural activity in the central and southern part of Oman and with Oman's long and rich coastline, fishing is not surprisingly just as close to this industry.

Petroleum production has been the foundation of the country’s impressive rise. Oil resources in Oman are not vast; hence, the country is now leaning more towards natural gas production, which has a promising projected income for Oman. Oman is also one of the world’s leading exporters of oil but almost a third of Oman’s other exports are products from the agricultural sector and fisheries. Some crops are locally raised but all the same, Oman imports more than 50% of vegetables and dairy products it consumes.

During the 1970s up until the 1980s, there was a road construction program that linked majority of the settlements to facilitate transportation and consequently, trade. The rial Omani (divided into 1000 baiza) or, simply, rial is the unit of currency in Oman. The current coins in circulation are in denominations of 5, 10, 25, 50 baisa while notes in circulation are available in 1, 5, 10, 20, 50, 100, 200, 250, and 500 OMR. Presently, 1.00 USD is equivalent to 0.38 OMR.

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